Fidelity and WisdomTree spot Bitcoin ETF decision likely confirmed to be delayed: Bloomberg analyst
- The spot Bitcoin ETF decision week continues to disappoint investors as Fidelity and WisdomTree’s approval will be delayed.
- The SEC is holding out its stand against spot BTC ETFs despite the stern letter from US House FSC directing them to approve them.
- On the other hand, VanEck announced it would be donating 10% of its Ethereum Futures ETF’s profits to ETH core contributors for ten years.
The past week has observed a slew of ETF applications being evaluated by the Securities and Exchange Commission (SEC). While Ethereum Futures ETFs are finding approval from the regulatory body, the case for spot Bitcoin ETFs continues to be the opposite. Joining the list of exchange-traded funds (ETFs) that may not see the light of the day soon is Fidelity.
Fidelity snubbed by the SEC
The spot Bitcoin ETF race is turning out to be less of a race and more of a sad marathon of continuous disappointing results. The SEC was set to provide its decisions on the spot Bitcoin ETF filings that multiple asset managers applied for in the past couple of months. However, things are not going as per expectations as the regulatory body has delayed its decision for the third time this week.
The newest members joining the list of companies that have been denied approval by the regulatory body are Fidelity and WisdomTree. Among some of the biggest asset management companies in the world, Fidelity is already a big name in the BTC Futures ETF. The company filed for a spot in Bitcoin ETF following BlackRock in Q2 this year.
However, akin to the rest of the applications, Fidelity’s application approval has also likely been delayed. According to Bloomberg ETF analyst James Seyffart, both Fidelity and WisdomTree would have to wait for a while before they can be evaluated by the SEC again.
Interestingly, no delay order for VanEck’s spot Bitcoin ETF has been issued yet, which is a positive sign. Though considering the outcome of the rest of the application, it would not be surprising if the SEC decided to delay the approval before the October 17 deadline.
VanEck makes a contribution to Ethereum
While VanEck’s BTC struggles will have to wait a while before coming to light, its Ethereum saga is going much better. The asset manager, which is set to launch its Ethereum Futures ETF soon, announced that it would be making a contribution to the Ethereum network by supporting the minds behind it.
The firm tweeted that for the next ten years, VanEck would be contributing 10% of its profits from Ethereum Futures ETF (EFUT)to the Protocol Guild. The Guild is the funding mechanism for an organization that is primarily made up of Etheruem core developers. These 150 contributions are key to maintaining the core protocol.
Big announcement!
— VanEck (@vaneck_us) September 29, 2023
We intend to donate 10% of our $EFUT ETF profits (https://t.co/gr652AkUvv) to @ProtocolGuild for at least 10 years.
Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.
Details
Read more - Ethereum Futures ETF to roll out by first week of October: Bloomberg ETF analyst
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Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
